12 March 2012

Positive Signs

From the Grey Lady:

LAST week, Attorney General Eric H. Holder Jr. proclaimed in a speech that when it comes to fighting financial fraud, the Obama administration’s “record of success has been nothing less than historic.” Such self-congratulation is not only premature, but it also reveals a troubling lack of understanding about what is required to win the war against financial wrongdoing.
Four years after the disintegration of the financial system, Americans have, rightfully, a gnawing feeling that justice has not been served. Claims of financial fraud against companies like Citigroup and Bank of America have been settled for pennies on the dollar, with no admission of wrongdoing. Executives who ran companies that made, packaged and sold trillions of dollars in toxic mortgages and mortgage-backed securities remain largely unscathed.

As I’ve observed numerous times before on this blog, I am not at all a fan of regulation.  I don’t like how the government imposes limits on inter-account transfers, nor am I fond of anti-trust regulation that makes buyouts more difficult.  However, I am very much opposed to people being able to get away with taking someone else’s property under false pretenses, otherwise known as fraud.  Quite simply, these thieves need to go to jail as punishment for their crime. There is no excuse for their behavior, and the American people should demand that those who committed fraud, in whatever way, be put on trial for their crimes.  That there are some in the MSM calling for this very thing suggests that there may be hope yet.

2 comments:

  1. When the Savings and Loan bubble and crash happened in the 80's, there were fraud indictments and convictions. The banks have stolen many times as much, yet not one solitary person has been indicted, let alone convicted.

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  2. @tweell- that's funny, I don't remember the world ending in the 80s. That's probably because holding people responsible for their (unlawful) actions doesn't actually cause the world to end, contra to the histrionics coming from the banksters back in 2008.

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